Maslow Need Hierarchy Theory
Maslow’s theory is based on human needs. He developed a conceptual framework for understanding human motivation. He was of the opinion that every individual as a complex set has exceptionally strong needs and behavior of an individual at a particular moment of time and is usually determined by his strongest need.
He defined personal effectiveness as a function of matching man’s opportunity with the appropriate position of the hierarchy of needs. The process of motivation begins with the assumption that the behavior, at least in part, is directed towards the achievement or the satisfaction of needs.
Maslow felt that the ‘needs have a definite sequence of domination’, the second need does not dominate till the first need is reasonably satisfied and the third need does not dominate until the first two needs have been reasonably satisfied. Man is never fully satisfied, if one need is satisfied the other will arise, and so on.
Once a need or certain order of needs is satisfied, it ceases to be a motivation factor. Maslow stated that human beings have five basic levels of needs, which they tend to satisfy in a hierarchical manner. He proposed that human needs can be arranged in a particular order from lower-level needs to the highest-level needs.
Needs of Maslow Need Hierarchy Theory
The five important needs of maslow need hierarchy theory are discussed as follows:
- Physiological Needs
- Safety and Security Needs
- Social Needs
- Esteem Needs
- Self-Actualisation Fulfillment Needs
These needs are basic and are related to survival and maintenance of life. These needs comprise food, water, air shelter, clothing, and necessities of life. The first priority of human beings is to acquire basic necessities of life and then move to the second level of needs.
Safety and Security Needs
After satisfying physiological needs, human beings aim to satisfy safety and security needs. Human beings are not content with just satisfying present physiological needs, they want to make provisions for the same for the future.
They want job security, personal body security, security of the source income, insurance against risks, etc entrepreneurs just like other human beings are guided by all these factors.
Man is a social animal and wants to belong to a social group where his social and emotional needs for love, affection, warmth, and friendship are satisfied.
An entrepreneur too is interested in conversation, and exchange of feelings with fellow entrepreneurs, his employees, and others. He wants to belong to others, and experts that others should belong to him i.e. the feeling of belongingness.
These needs include self-respect, self-confidence, prestige, power, and control. These are also known as egoistic needs and affect the prestige and status of the individual. Entrepreneurs derive status and respect through their ownership and control over business.
Self-Actualisation Fulfillment Needs
This is the ultimate goal and involves realizing one’s potential for continued self-development. After other needs are fulfilled a man has the desire for personal achievement. He wants to do something that is challenging and since this challenge gives him enough push and initiative to Work.
It is beneficial to him and the society. The sense of achievement gives him psychological satisfaction. An entrepreneur can achieve self-actualization by being a successful entrepreneur.
FAQs Section About the Maslow Need Hierarchy Theory
What are the needs of maslow need hierarchy theory?
The following are the needs of maslow need hierarchy theory:
1. Physiological Needs
2. Safety and Security Needs
3. Social Needs
4. Esteem Needs
5. Self-Actualisation Fulfillment Needs.